Industrial Chain Chief System and Enterprise Performance:Mechanism and Empirical Evidence
Improving the modernization level of the industrial chain and promoting high-quality development of the industrial chain is a key link in building a new development pattern.This article summarizes the implementation of the industrial chain length policy in China's top 100 cities,and combines data from A-share listed companies in Shanghai and Shenzhen to test the impact of the industrial chain length policy on corporate performance using the multi-period double difference method.It also analyzes its internal mechanism of action and the heterogeneity of policy effects.Research has found that the industrial chain length policy has achieved good results in practice,significantly promoting the improvement of business performance.Mechanism testing shows that the industrial chain length policy not only helps promote technological innovation and digital transformation of enterprises,but also helps to increase the level of government subsidies and reduce enterprise costs.These factors jointly promote the improvement of enterprise performance.Heterogeneity analysis shows that the performance improvement effect of China's industrial chain length policy is more reflected at both ends of the enterprise scale and lifecycle.The impact of medium-sized and mature enterprises is relatively weak,and the performance improvement effect of the industrial chain length policy on non-state-owned enterprises,enterprises in the eastern region,and high-tech enterprises is relatively greater.The spillover effect test shows that the industrial chain length policy not only has a significant promoting effect on the operational performance of local enterprises,but also has a significant promoting effect on the operational performance of neighboring enterprises.However,the implementation of the industrial chain length policy in provincial capital cities has not yet had a significant positive impact on the operational performance of enterprises in other regions of the province.This article deepens the understanding of the industrial chain length policy to improve enterprise business performance,providing important reference for enhancing the modernization level of the industrial chain and promoting high-quality development of the industrial chain.
chain chief systementerprise performancetechnological innovation digital transformation
NETL
NSTL
万方数据
